ADIB launches Spice credit card for NRIs, NRPs

Source: ADIB. The new Spice Card offers a range of cashbacks if the owner hits a minimum spend.

Abu Dhabi Islamic Bank (ADIB) has launched the Spice Card to complement its tailored product offerings to non resident Indians (NRIs) and non resident Pakistanis (NRPs) in the UAE.

The ADIB Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. The cashbacks apply on local as well as international spend, and customers also earn up to two reward points for every AED1 spent on other merchant categories.

Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric bank, it is of utmost importance for us to design value added products that suit their financial needs."

The Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.

The Indian community in the UAE totals some 2.6 million people and constitutes 30% of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5% of the country's total population.

A minimum monthly spend of AED3,000 is required on the Spice Card to qualify for the cashback offers with a maximum cashback cap of AED50 on utility payments, AED200 on restaurant bills, AED50 on fuel and AED100 on supermarket spending. ​

Mashreq Bank introduces reward-heavy SmartSaver Visa Platinum credit card

Source: Mashreq Bank website.

UAE’s Mashreq Bank has announced the SmartSaver Visa Platinum credit card, a cashback card that offers savings of up to 10%, with no caps or limits, at over 450 partner outlets across 50 leading brands. There are no spend tiers, no thresholds to be met, no complicated calculations and no annual fees.

According to Mashreq, there is a guaranteed return of 1.25% on all domestic and 2.5% on all international spends.

Nimish Dwivedi, Head of Cards at Mashreq said, "SmartSaver is the next generation cashback card with a market-defining proposition that keeps the consumers interests front and centre. Our exclusive and ever-growing ‘smart savings’ partnerships with over 450 partner outlets including leading brands such as Al Adil, Al Maya, Homes r Us, Kalyan Jewellers, Prime Medical Centre, Kinokuniya, BHS, VLCC and Oman Insurance, give us a unique advantage over competitor offerings.

Source: Mashreq Bank. Dwivedi.

"Add the ‘no-strings attached’ give-back on every domestic and international spend, the bonus savings on high-expense categories like school-fees, telecom and utility payments, dining discounts of up to 40% at over 3,000 restaurants in the UAE and abroad, free travel insurance, discounts on cinema tickets, complimentary purchase protection and extended warranty benefits and you have a card for all seasons that fundamentally transforms the savings universe."

Marcello Baricordi, Visa's General Manager for the UAE & Global Accounts Lead MENA, said: "Visa is pleased to partner with Mashreq to launch an all-encompassing product that gives cardholders incredible savings and rewards. A notable feature of the new Mashreq SmartSaver Visa Platinum Credit Card is the cashback on international spends.

"Besides benefiting from savings on essential purchases, cardholders can also make smart purchases on the go using Visa Checkout – the new simple and speedy solution for online shopping. Overall, the SmartSaver card offers benefits every step of the way and at the same time enjoy the peace of mind of safe and secure transactions with Visa."

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Mashreq relaunches SmartSaver credit cards

Mashreq, a major financial institution in the UAE, has re-launched its SmartSaver credit card. SmartSaver, a top cash-back credit card in the UAE, now offers savings of up to 10%, with no caps, with 50 leading brands.

Source: Mashreq.

The card offers returns of 1.25% on every domestic purchase, 3.25% on all international spends, 5% savings on all education, telecom and utility bill payments and no joining or annual fee, Mashreq said.  

Nimish Dwivedi, Head of Cards at Mashreq said, “The typical cash-back card in the UAE is focused largely on specific categories of spends such as supermarkets or education with the actual give-back to customers being subject to multiple ‘ifs’ and ‘buts’ – tiers, thresholds, exclusions etc. With SmartSaver, we’ve done away with the ambiguity and transformed the savings universe. 

"Cardholders, or should I say ‘SmartSavers’, get a ‘no-strings attached’ give-back on every spend, benefit from additional savings in high-expense categories like school fees, telecom and utility spends that tend to strain the household budget and most uniquely, get bonus savings of up to 10% on typical everyday spends at leading brands such as Al Maya, Al Adil, BHS, Mom & Me, Raymond, Park Avenue, Leather Palace, Homes r Us, Fitness First, Prime Medical Centre, VLCC, Kinokuniya, Borders, Al Futtaim Travels, Emax, Oman Insurance and many more.”

Eyad Al Kourdi, UAE Country Head, MasterCard said: “MasterCard is constantly looking for new ways to provide innovative and enhanced payment solutions in the UAE. The Mashreq SmartSaver credit card is what every consumer requires – simple, secure, and hassle free way to save money. We are delighted to once again be offering our customers payment solution options, along with our long-term partner Mashreq Bank.”

SmartSaver cards are accepted at over 450 partner outlets across 15 categories including supermarkets, fashion, apparel, home dcor, health & wellness, travel, hospitality, books & stationery, car rentals, auto accessories, electronics, and jewellery.